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white-flower-assortment.jpg We can see summer from here! We can also see lots and lots of construction, including some that affects our back parking lot. If planning a visit to our office, please allow an extra minute or two for a longer walk to the building, since the back stairs are unavailable. In addition to visiting with your favorite accountants, you can see the progress of the new stadium. 

Our June issue deals with family businesses, starting with the focus of our quarterly roundtable. We've invited two experts in family business transitions to join our tax expert Eric Wille and facilitator Dave Marrinson for this discussion. There is still room, so check your calendar!
June Seminar -  happening this week


Speakers:
Steve Coleman 

Dyanne Ross-Hanson
 
SDK's Eric Wille
Exit Strategies for Family Businesses 
Thursday June 11, 2015 from 3:00 PM to 5:00 PM 
The Depot Minneapolis


 

Our Quarterly Roundtable Series continues with a focus on family-owned businesses. As with the previous roundtables, we've invited experts who provide resources to business owners,  for a robust discussion.

 

Agenda:

  • Our panelists will share their top priorities for a successful exit, and what trends they note facing family business transitions.
  • Our moderator will present a family business case study.  Each panelist will address key issues from their perspective, appropriate strategies and potential outcomes that meet owner goals.
  • The panel discussion is designed to stimulate robust audience involvement with discussion, Q & A, and shared experiences. Your experiences will add to our sharing of what works.

Whether you are five or ten years away from transition or if it's in the near future, our panel is sure to provide ideas to ponder and strategies to consider. Individual conversations can be scheduled off-line to protect confidentiality of your exit situation.


 

Real estate and your business
Choosing an LLC over a C Corporation for owning real estate

Before LLC's were around, C Corporations were the only choice when seeking liability protection from the corporate veil. An LLC treated as a Partnership for tax purposes can offer the same protection as a C Corporation, in addition to other advantages. The following is a list of reasons why choosing an LLC for owning real estate could be more beneficial than a C Corporation.

  1. Avoiding double taxation
  2. Distribution of real estate property
  3. Simplicity
  4. Flexibility
  5. Lower capital gains tax rate
  6. Step-up in basis for beneficiaries

Read the full article here

Time for a mid-year financial check-up 
We're almost at the half-way point in the year - how is it going?

Now's the perfect time to go through your books to make sure that everything is in order! Here's a list of things to help you stay on track with keeping your books up-to-date:

  1. Is your cash reconciled through May?
  2. Did you receive and post the journal entries that your accountant made for the prior year?
  3. Are customers current with their accounts?
  4. Are you current with paying your vendors?
  5. Are you on track with your withholding and estimates?

If you're concerned about your answers to any of the above questions, perhaps a call to our accounting services team would ease your mind. Find the team here (and also pictured above).

The benefits of a good audit

It's like getting a check-up for your business

Many closely held businesses get their financial statements audited as a requirement of a loan or regulation.  Few seek out the audit-and even fewer may actually enjoy the audit.  However, there are many valid reasons to enlist the services of a good auditor who will provide a valuable perspective and start a helpful conversation.

 

Financial statement audits are designed only to have the auditor render an opinion on whether the financial statements are fairly stated in accordance with Generally Accepted Accounting Principles (GAAP).  Contrary to some folklore and frequent requests, audits are not designed to ferret out fraud, waste, abuse, internal control failures or mismanagement.  However, you can get value out of the audit by being engaged with the process and using the auditor as a resource for ideas and improvements.

Is that adorable nephew home from college? Does he need a job?
The pros and cons of hiring a relative

If you're thinking of hiring a friend or relative, there is a lot that you should take into consideration. Be sure to read through this list of advantages and disadvantages to see if this is something that's right for you and your business.

 

Read the blog

Happening at SDK
Founding shareholder Chuck Selcer will become managing shareholder

At a firm meeting on May 7th, Joe Kenyon, who has been SDK's managing shareholder since 2008, did a ceremonial "passing of the torch" to Chuck Selcer, who will take over the role on July 1. While the photo below may be the magic of our IT whip Emily, the light-hearted transfer was also marked with heart-felt thanks to Joe and a very warm welcome to Chuck.

There will be a celebration forthcoming to allow clients and friends to congratulate Chuck. Stay tuned for more details. 

Baby news!

We're excited to announce the arrival of two new honorary SDKers.  There's more than one way to grow an accounting firm!  Congratulations to Brandon and Amanda Reinschmidt who welcomed Avery Leigh, and Emily and Dave Hermanek who welcomed Matilda Grace.

 

Both families are doing well, we send our congratulations!
Service projects

SDKers have just formed a new employee-led initiative  to help find more opportunities for service in our community.  HALO (Helping and Leading Others) kicked off their first project close to home - cleaning up the roads and riverfront near our offices in downtown Minneapolis!

(click the link to find the best spots for celebrations)

We welcome your comments and feedback, and will do our best to answer your questions. Contact your SDK representative or send a note to one of us and we'll be sure to find the right person to assist you.

 

SDK's Editorial Board

Emma All Runner, Accounting Services

Beth Johnson, Marketing

Ron Kelner, CPA, Tax
John Lawson, CPA, Audit

Allison McCloskey, Tax

Casssandra Elgersma, CPA/ABV/CFF, CFE, Forensic & Valuation Services
 

 
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